Your Helping Hand Amid Crisis - Credit Cards

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Credit cards can definitely not be used as an income replacement but if you know how to use them correctly, they can help you get through phases of a financial crisis. It might sound a bit strange when we talk about credit cards a helping hand that helps users to smoothen out the effects of turmoil but it is true. 

Just like every other tool the results and effects are dependent on the knowledge and experience of the user. If you are a rookie it might appear difficult but with correct guidance and techniques credit cards turn out to be absolute saviours. However irresponsible use of credit cards can instantly land you into heavy debts that later convert into debt traps almost impossible to escape and you end up wrecking your credit score.  

Now the question arises, how do we make use of credit cards during the phases of financial instability as a helping hand? To answer all your queries and decoding this important topic we have come up with a blog that includes all the information you need in order to make use of your credit card as a helping hand, so let’s get started. 

Saving Cash

Very often, in times of financial crisis, we are stuck with limited cash and it becomes vital to ensure that it lasts as long as possible. Furthermore, there are several expenses that cannot be paid using a credit card, therefore analysing commodities that can be purchased using a credit card will ensure that your cash reserves last longer.  

Carrying your credit card bill from one month to another will add to the interest thereby increasing the debt. However, if you’ve been punctual and paid your credit card bill in full every month then you have interest free period. In terms of saving cash credit cards turn out to be an excellent tool that protects you during a financial crisis. 

0% Interest Purchasing Time

During a crisis, the income of an individual might get affected dramatically without any signs and at the same time, expenses tend to pile up creating a disbalance between the source and sink. Credit cards balance the disruption by flattening the curve between your income and expenses providing you time to manage.  

As mentioned earlier it is not recommended to carry a credit card bill from one month to another as it leads to debt accumulation. Gradually with time interest piles over the principal amount making it even more difficult to repay the debt. Many credit card companies offer 0% APR credit cards that have interest free tenor for a year or more.  

An important point to be kept in consideration here is that even with a 0% APR credit card you will have to pay the minimum balance every month. Furthermore, you will need an excellent credit Score to be eligible for getting a credit card with an interest-free introductory period. 

Managing your Existing Debts

When income is low and expenses are high along with high-interest debt things can very easily get out of control. Very often the debt and applicable interest are so high that paying the minimum balance of the debt does not sort things out. 

In such a scenario, make use of a balance transfer facility to stabilize the interest acceleration by transferring the debt to 0% APR balance transfer. Using a 0% APR credit card, you will get interest free period to repay the debt which will help you to settle your outstanding financial obligations without paying a penny more than the actual debt.  

The important point to be considered here is that you need to have an excellent credit score to get a 0% APR credit card that offers an interest-free period. Moreover, you’ll have to pay balance transfer charges up to 5% while transferring your debt from one credit card to another.  

In a Nutshell

Credit cards are truly a modern-day marvel that has revolutionized the way people tend to spend money in today’s era. With these tips and techniques, you can use your credit card to get through phases of financial turmoil without any hassle. Before you go ahead and apply for any financial product or service make sure you understand the terms and conditions well. 


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